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MAR06NhNNUAL AUDITED REPORT n°u's** ""°"** °|FORM X-17A-5

ECFILE NUMBER

Washington, DC PART mFACINO, PAGE

Infortnation Required of Brokers and Dealers Pursuant to Section 17 of theSecurities Exchange Act of 1934 and Rule 17a-5Thereunder

REPORTFOR THE PERIOD BEGINNING AND ENDING 12/31/2019MM/DDîYY MM?DD/YY

A.REGISTRANT IDENTIFICATION

NAME OF BROKER-DEALER: ELEVATION LLC OFFICIAL USE ONLY

ADDRESS OF PRINCIPAL PLACE OF BUSINES$; (Do not use O.Box No.) FIRM I.D NÒ.1355 GREENWOOD CLIFF, SUITE 250

(No and Stree0

CHARLOTTE NC 28204

(Chy) Slate) (Zip Code)

NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT INREGARD TO TRIS REPORT

(Area Code - Te ephoneyumber)

IL ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report*

GREERWALKER, LLP

(Nm e iIndtralsud state lan.fira unddle name)

227WEST TRADE ST. STE 1100 CHARLOTTE NC 28202(Addressy (Cuy) (State) iZipCode)

CHECK ONE:

Certified Public Accountant

Public Accountant

Accountant not resident in United States or any of its possessions.

FOR OFRICIALUSE ONLÝ

*Claims for exempNon fiom the requirement t/ult the ammal report be covered by the opinion pf an imiepem/ent public accounkmt

imtst be supported by a statement of facts and els mistances relied on as ihe basisfor the exemption SeeSection 240.170-5(eH 2i

Potential persons who are to responel to the conection ofinformation nontainedin this form are not re uired to respond

SEC 1410 (11-05) unless the form diaPlays acurrently valid OM oantroinumber.

OATH OR AFFIRMATION

1.CHARLES C. LUCAS #1 swear (or affirm) that. to the best of

my knowledge and belief the accompanying finane a statement and supporting schednles pertaining to the firm of

ELEVATIONLLC _ , as

of.DECEMBER31 .20 _. are true and correct, I further swear (or affirm) that

neither the company r or any partner. proprietor. principal officer or director has any proprietary interest in any account

classified solely as that of a customer, except as follows:

County SignatureMy Cornnt Exp

' 10-11-2022 GENERAL COUNSEL AND CHIEF COMPLiANCE OFFICER

TitleC AB

Public

This report **contains scheckaH applicableboxes):(a) Facing Page.(b) Statement offinancial Condition.

(c) Statement of income (Loss) or, if there is other comprehensive income in the period(s) presented, a Statementof Comprehensive income (as defined in §210J-02 of Regulation S-XL

(d) Statenrein of Changes in Financial Condition.16) Statement offhanges in Stockholders' Equity or Partners' or Sole Proprietors' Capital.(f) Statement ofChanges in Liabilities Subordinated to Claims of Creditors.(g) Computation of Net Capitat

(h) Computation for Determination of Reserve Requirements Pursuant to Rute 15c3-3.(1) information Relating to the Possession or Control Requirements Under Rule 15c3-3.

0 (j) A Reconciliation including appropriate explanation ofthe Computation of Net Capital Under Rule 15c3-1 and the

Computation foi Determination of the Reserve Requirements Urader Exhibit A of Rule 15c3-3.

[] (k) A.Reconciliation between the audited andunaudited statemens of Financial Condition with respect to rnethods ofconsolidationt

SW(I) An Oath of Affirmation.(m) A copy of the SIPC Supplemental Report,(n) A report describing ariy niaterial inadequacies found to exist or found to have existed since the dateof the previous audit.

MFor condhfans of confidential fremnient efeetain portions of this filing, see section 2.40.17a-5/eN3).

ELEVATION,LLC

Audited Consolidated Financial Statements and Supplemental Schedules

for the Year Ended December 31, 2019and Reports of independent Registered PubHcAccounting Firm

TABLE OF CONTENTS

PaeReport of independent Registered Public Accounting Firm 1

Consolidated Financial Statements 2-7

Notes to Consolidated Financial Statements 8-14

Supplemental Information:

Computation of Net Capital Under Rule 15c3-1 of the 15Securities and ExchangeCommission

Report of independent Registered Public Accounting Firm on the Exemption 16Report Required by SECRule 17a-5

Exemption Report Required by SECRule 17a-5 17

Independent Accountants' Report on Applying Agreed Upon Procedures 18Related to an Entity's StPCAssessrnentReconciliation

Scheduleof SIPCAssessment and Payments 19

GreerWalkerREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of Elevation, LLC:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of financial condition of Elevation, LLC (the"Company") as of December 31, 2019, the related consolidated statements of operations, comprehensive income,changes in members' equity (deficit), changes in liabilities subordinated to claims of general creditors, and cashflows for the year then ended, and the related notes and schedules (collectively referred to as the "consolidatedfinancial statements").In our opinion, the consolidated financial statements present fairly, in all material respects,the consolidated financial position of Elevation, LLC as of December 31, 2019, and the results of its consolidatedoperations and its consolidated cash flows for the year then ended in conformity with generally acceptedaccounting principles in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of Elevation, LLC's management. Our responsibilityis to expressan opinion on Elevation,. LLC's consolidated financialstatements based on our audit. We are apublic accounting firm registered with the Public Company Accounting Oversight Board (United States)("PCAOB") and are required to be independent with respect to Elevation, LLC in accordance with the U.S.federalsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and thePCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the consolidated financial statements arefree of material misstatement, whether due to error or fraud. Our audit included performing procedures to assessthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, andperforming procedures that respond to those risks. Such procedures included examining, on a test basis,evidence regarding the amounts and disclosures in the consolidated financial statements.Our audit also includedevaluating the accounting principles used and significant estimates made by management, as well as evaluatingthe overall presentation of the consolidated financial statements. We believe that our audit provides a reasonablebasis for our opinion.

Auditors' Report on Supplemental information

The supplemental information on schedule 1 - computation of net capital under rule 15c3-1 of the securities andexchange commission (unconsolidated) as of December 31, 2019 (the "supplementary information") has beensubjected to audit procedures performed in conjunction with the audit of Elevation, LLC's consolidated financialstatements.The supplementary information is the responsibility of Elevation, LLC's management. Our auditprocedures included determining whether the supplementary information reconciles to the consolidated financialstatements or the underlying accounting and other records, as applicable, and performing procedures to test thecompleteness and accuracy of the information presented in the supplementary information. In forming our opinionon the supplementary information, we evaluated whether the supplementary information, including its form andcontent, is presented in conformity with 17 C.F.R. §240-17a-5. In our opinion, the supplementary information isfairly stated, in all materialfespects, in relation to the consolidated financial statements as a whole.

We have served as auditors for Elevation, LLC since 2014.

Certified Public AccountantsFebruary 26, 2020Charlotte, NC

GreerWalkeELLP | GreerWalker Wealth Management LLC | GreerWalker Corporate Finance LLC

Charlotte Office The Carillon | 227 West Trade St., Suite 1100 | Charlotte, NC 28202 | USA j Tel 704.377.0239

Greenville Office Wells Fargo Center] 15 South Main St., Suite 800 | Greenville, SC 29601 | USA | Tsi 864.752,0080

Accounting & Tax|Wealth Management| Corporate Finance|greerwalker.com

ELEVATION,LLC

CONSOUDATEDSTATEMENT OFFINANCIAL CONDITIONDecember 31, 2019

ASSETS

Cashand cashequivalents $ 1,260,246Receivablesfrom brokers 99,998Receivables from clearing firms 223,736

Other receivables 61,125

Deposits with dearing firms 258,794

Prepaid expenses 179,259

Securities owned, at fair value 1,518,477Property and equipment, net 115,696

Operating lease right of use asset,net 603,207

Other assets 143,829

Total assets $ 4,464,367

LIABILITIESANDMEMRERfDEFICIT

Accounts payable $ 485,252

Accrued expenses 1,478,539

Operating leaseliability 603,207

Subordinated debt 2,000,000

Total tiabilities 4,566,998

MEM BERS'DEFICIT (102,631)

Total liabilities andmembers' defidt $ 4,464,367

See Accompanying Notes

2

ELEVATION,LLC

CONSOUDATED STATEMENT OFOPERATIONSYear EndedDecember 31, 2019

Revenues:

Commissions $ 17,490,596

Trading gains 165,481

Fee income 1,785,148

interest and dividends 44,721

Total revenues 19,485,946

Expenses:

Employeecompensation and benefits 7,607,000Consulting fees 3,253,886

Clearing & execution fees 2,620,479Market data services 1,293,292

Travel 742,366

Technology 510,650insurance 575,609Occupancy costs 475,122Taxes 344,055

Research 190,402

Professionalfees 572,198interest 200,000

Regulatory 171,031Office 100,620

Utilities 56,894Dues and subscriptions 50,701Depreciation 46,049

Communications 72,796

Other 172,235

Total expenses 19,055,385

Net income $ 430,561

SeeAccompanyingNotes3

ELEVATION,LLC

CONSOLIDATEDSTATEMENT OF COMPREHENSIVEINCOMEYear Ended December 31, 2019

Net income $ 430,561

Other comprehensive income:

Changein foreign currency translation adjustments 1,332

Comprehensive income $ 431,893

See Accompanying Notes

4

ELEVATION,LLC

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS'EO.UlTY(DEFICIT)As of and for the year ended December 31.2019

Class A Class B Class D Total

Members'equity (deficit) - December 31, 2018 $ (1,139,949) $ 25,000 $ 1,315,475 $ 200,526

Member withdrawals (572,470) - - (572,470)

Preferred return - (162,580) - (162,580)

Net income (loss) 64,978 162,580 203,003 430,561

Accumulated other comprehensive income 1,332 - - 1,332

Members' equity (deficit) December 31, 2019 $ (1,646,109) $ 25,000 $ 1,518,478 $ (102,631)

SeeAccompanying Notes

5

ELEA/ATION,LLC

CONSOUDATED STATEMENT OF CHANGES IN LIABILITIESSUBORDINATED TOCLAIMS OF GENERAL CREDITORS

For the year ended December 21, 2019

Subordinated debt, December 31, 2018 $ 2,000,000

increase in subordinated debt

Subordinated debt, December 31, 2019 .$ 2,000,000

SeeAccompanying Notes

6

ELEVATION,LLC

CONSOUDATEDSTATEMENT OFCASHFLOWS

Year Ended December 31, 2019

Cashflows from operating activities:

Net income $ 430,561Adjustments to reconcile net income to net cash

providedbyoperating activities:

Depreciation expense 46,049

Unrealized gain from trading securities (239,981)

Losson disposal of property and equipment 1,073Changes in operating assets and liabilities:

Securities owned, at fair value 36,979Decrease in receivables from brokers 817,698

Decrease in receivables and deposits from clearing firms 873,330

Decrease in prepaid expenses 23,132Increase in other receivables (61,125)

Increase in operating leaseright of use asset, net (603.207)Decreasein other assets 18,828increase in accounts payable 315,552

Decrease in accrued expenses (1,703,554)Increase in other liabilities 603,207

Net cashprovided by operating activities 558,542

Cashflows from investment activities:

Purchase of property and equiprnent (19,889)Proceeds from disposal of property and equipment 2,130

Net cash used in investment activities (17,759)

Cashflows from financing activities:

Preferred return ClassB member (162,580)

Member withdrawals (572,470)

Net cash usedin financing activities (735,050)

Effect of exchange rate changesoncashand cashequivalents 1,332Net decrease in cash and cash equivalents (192,935)

Cashand cashequivalents,beginning of year 1,453,180

Cashandcashequivalents, end of year S 1,260,245

Supplemental CashFlow information

Cashpaid during the year for interest $ 200,000

Non Cash information

Operating lease right of useassets acquired through assumption of operating leaseliability $ 976,811

See Accompanying Notes

7

ELEVATION,LLC

NOTESTO CONSOLIDATED FINANCIAL STATEMENTSYear Ended December 31, 2019

Note 1- Nature of Business:

Elevation, LLC (the "Company")was organized on December 27,2005 under the North CarolinaLimited Liability Company Act. The Company operates as an institutionai broker-dealer based inCharlotte, North Carolina. The Company is registered with the Securities and Exchange Commission

(SEC) and is a member of the Financial Industry Regulatory Authority (FINRA)and National FuturesAssociation (NFA).

A summaryof the Company's significant policies follows:

Basisof Presentation

The consolidated financial statements include the accounts of the Company and its wholly ownedsubsidiary, Elevation Trading Limited. All significant intercompany transactions are eliminated in theconsolidation process.

Use of Estimates

The preparation of consolidated financial statements in accordance with generally acceptedaccounting principles in the United States of America requires management to make estimates andassumptions that affect the reported amounts of assetsand liabilities and disclosure of contingentassets and liabilities at the date of the consolidated financial statements and the reported amountsof revenues and expenses during the reporting period. Actual results could differ from thoseestimates.

CashandCashEquivalents

For the purpose pf the consolidated financial statements, the Company considers cash in operatingaccounts, cash cahahd, and short-term debt securities purchased with maturity of three months or

lessas cash and cash equivalents. The Company maintains cashdeposits with financial institutionsthat at times may exceed federally insured limits.

Securities Owned, at fair value

Securities owned consist of common stocks and ExchangeTraded Funds(ETFs)and are classified astrading securities.Securities classified astrading are carriedat fair valueandarevaluedat theclosing price reported on the active market on which the individual securities are traded. Realized

andunrealizedgains and losses are recognized in Trading gains in the consolidated statement ofoperations.

Revenue RecoRnition

The Company recognizes revenue and prepares its consolidated financial statements on the accrualbasisof accounting. The Company buysand sells securities on behalf of its customers. Eachtime acustomer enters into a buy or sell transaction, the Company charges a commission and incurs relatedclearing charges. Commissions and related clearing charges are recorded on the trade date (the datethe Company fills the trade order by finding andcontracting with a counterparty and confirms thetrade with the customer).The Company believes that the performance obligation is satisfied on thetrade date because that is when the underlying financial instrument or purchaser is identified, thepricírigis agreed upon and the risks and rewards of ownership have been transferred to/from thecustomer.

8

ELEVATION,LLC

NOTES TO CONSOUDATED FINANCIAL STATEMENTSYear Ended December 31, 2019

income Taxes

For income tax purposes, the Company is considered to be a partnership. No provision for federal orstate income taxes hasbeen made in the accompanying consolidated financial statements since themembersinclude their allocable share of the Company's taxable income or loss in their respectiveincometax returns.

The Company records liabilities for income tax positions taken or expected to be taken when thosepositions are deemed uncertain to be upheld in an examination by taxing authorities. No liabilities

for uncertain income tax positions were recorded as of December 31, 2019.

Accounts Receivable

The Company extends credit to certain clearing firms for commissions earned for securitiestransactions completed under clearing agreements, and to other financial institutions forcommissions earned for securities transactions completed. As of December 31, 2019, the Companyconsiders all such receivables fully collectible, and therefore, noallowance has been provided.Accourits receivable asof December 31,2019 andDecember31, 2018 was$323,734 and $2,019,495,respectively,

Property and Equipment

Property and equipment are stated at cost. Significant additions and betterments are capitalized.Expenditures for maintenance and repairs and minor renewals are charged to operations as incurred.

Depreciation

Depreciation is provided using straight-iine methods for financial reporting purposes over theestimated useful livesof the assetswhich rangefrom3-7 years. Depreciation expense charged tooperations was $46,049 for the year ended December 31, 2019.

Foreign Currencies

Assets and liabilities denominated in foreign currencies are translated at year-end rates of exchange,whereas the consolidated statement of operations accounts are transiated at average rates ofexchange for the year. Gains or losses resulting from foreign currency transactions are inciuded innet income.

Subsequent Events

in preparing the consolidated financial statements, the Company has evaluated subsequent eventsthrough February 26, 2020, which is the date the consolidated financial statements were available tobe issued.

Note 2 - Revenue

The Company operates under fully disclosed clearing agreements with BofA Securities, Inc.(formerlyMerrill Lynth Broadcort ("Merrill Lynch"),RJ. O'Brien Securities LLC("RJ.O'Brien"), Cowen andCompany, LLC (formerly Convergex Execution Solutions LLC) (Cowen), and Societe Generale, LondonBranch ("Societe Generale"). Thesedearing firms clear certain securitiestransactionson behalf of

9

ELEVATION,LLC

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31,2019

the Company, and carry andclearon afully disclosed basis the Company'scustomers' tradingaccounts. The Company earns income, net of clearing costs, on these introduced transactions.

The Company also effects listed option transactions for its customers through the customers' prime

brokers or directly with other broker/dealers. These trades are executed through various third party

execution services for a per contract fee. The Company earns commissions on these transactions

and bills the customer's prime broker directly or the broker/dealer.

The Company earns fee income from investment management firms for marketing consulting, capital

raising and investor relation advisory services provided to these entities.

Note 3 - Fair Value Measurement

The Company's financial assets andliabilities are carried at fair value or at amounts that, because oftheir short-term nature, approximate current fair value. As required by FASBASCTopic 820, "FairValue Measurement",financial assetsand liabilities are classified in their entirety based on thelowest level of input that is significant to the fair value measurement. Securities owned, at fair valueare classified as Level1of the fair value hierarchy andarevalued using quoted market pricesinactive markets on which the individual securities are traded.

Note 4 - Concentrations of credit Risk

The Company is engaged in various trading and brokerage activities in which counterparties primarily

include broker-dealers; banks and other financial institutions, in the event counterparties do not

fulfill their obligations, the Company may be exposed to risk. The risk of default depends on thecreditworthiness of the counterparty. It is the Company's policy to review, as necessary, the creditstanding of each counterparty.

Note 5 -Receivables From and Deposits With Clearing Firms

For transactions cleared on its behalf, the Company had net receivables in the amount of $39,776from Merrill Lynch, $34,975 from Cowen,$19,675 from RJ.O'Brien and $129,310 from SocieteGenerale as of December 31, 2019.

The Company had deposits of $25g,794 held by its clearing firms as of December 31, 2019. Theclearing deposits are required under the clearing agreements between the Company and the clearingfirms.

Note 6 - Defined Contribution Plan

The Company sponsors a401(k) defined contribution plan for eligible employees, which is

administered through anoutside investment company.Upon 30 days of service, an employee21 or

10

ELEVATION,LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTSYear Ended December 31, 2019

older is allowed to contribute to the plan. The Company may makecontributions to the pian at itsdiscretion. The Company did not make any discretionary contributions to the 401(k) plan during theyear ended December31, 2019.

Note 7 - LeaseCommitments

The Company implemented new accounting and financial reporting standards for leases (FASBASC842.Leases)beginningJanuary 1, 2019, using a modified retrospective approach (i.e.,appliedprospectively effective January 1, 2019, without revising prior periods). For operating leases thisstandard will require the recognition of right-of-use ("ROU") assetsand lease liabilities that had not

beenrecorded asassets and liabilities under previousaccounting standards.There was no irnpact tothe Company's members' equity at the beginning of the year as a result of the implementing thisaccountingstandard.The company has elected to take the practical expedients under Topic 842-10-

65-1(f) and (g),which must be consistently applied to all of the Company's leases. As such, theCompany's five leases,previously accounted for asoperating leases,will continue to be accountedfor as operating leases under the new standards. The Company also has elected to use the practicalexpedient allowed in Topic 842-10-15-37 to account for lease and non-lease components as a singlelease component for all of its classesof leases.

The Company is a lesseein five noncanceiable operating leasesfor office spaces.The Company

determines if an arrangementîs a lease or contains a lease,at the inception of a contract andwhen the terms of an existing contract are changed. The company recognizes a lease liability and an

ROUasset at. the commencement date of the lease. The lease liability is initially andsubsequently recognized based on the present value of its future lease payments. Variable

payments,if any,are includedin future lease payments when those variable payments depend on anindex or a rate.The discountrate is the implicit rate if it is readily determinable or otherwise the

Company usesits incremental bórrowing rate. The implicit rates of the firm's leases are not readily

determinable and accordingly, the Company uses its incremental borrowing rate. The Company'sincremental borrowing rate for a lease is the rate of interest that the Company would have to payon a collateralizedbasis to borrow an aMount equal to the lease payments under sirnilar terms and Iri

a similar economic environment. The ROU asset is subsequently measured throughout the lease termat the amount of the remeasured lease liability (i.e., present value of the remaining lease

payments), plus unamortized initial direct costs,plus (minus) any prepaid (accrued) lease payments,less the unamortized balance of lease incentives received, and any impairment recognized.Leasecost for lease payments is recognized on a straight4ine basisover the leaseterm.

The Companyhas elected, for all underlying classesof assets, to not recognize ROUassets and leaseliabilities for short-term leases, if any, that have a lease term of 12 months or less at lease

commencement, and do not include an option to purchase the underlying asset that the Company isreasonably certain to exercise. Lease cost associated with any short-term leases is recognized on astraight-linebasis over the lease term.

The Company has obligations for office space with initial noncancelable lease terms in excessof one

year. The Company classifiesthese leasesasoperating leaseswhich expire at variousdates throughApril2023.The floU assetandleaseliability balancesweredeterminedbycalculatingthe total lease

l I

ELEVATION,LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTSYear Ended December31,2019

payments over the remaining expected lease terms and discounting the total using a weightedaverage discount rate of 1.99%,which is representative of the incremental borrowing rate of theCompany. The weighted average remaining lease term is 20 months.

As of December 31,2019, maturities of lease liabilities for all noncancelable operating leases are

$383,040, $179,371, $30,384, and $10,412, for 2020, 2021, 2022 and 2023, respectively, with totaiundiscounted lease payments of $603,207. The discounted lease liability at December 31,2019, is$614,356 with imputed interest of $11,149.During the year ended December 31, 2019, the cash paidfor amounts included in lease liabilities was $370,291and the amount of the lease cost was$373,604.

Note 8 - Subordinated Loan

in October 2009, the Company entered into a subordinated loan agreement for $1,500,000 with the

ClassBmember. interest is payable quarterly based on a fixed rate of 10% and the note matures

August 31, 2029. During 2010, the Companyrevised this agreement and borrowed an additional$500,000. The total subordinated debt balance as of December 31, 2019 was $2,000,000. The

subordinated borrowings are available in computing net capital under the SEC'suniform net capitalrule. To the extent that such borrowings are required for the Company's continued compliance withminimum net capital requirements, they may not be repaid.

Note 9 - Related Parties

During 2019, the Company entered into a service level agreement with anentity partially owned bycertain officers of the Company related to future businessopportunities through client referrals. Perthe terms of the agreement, the Company paid $146,543 to the entity in referral fees during 2019.

Note 10- Members' Equity

The members of the Company are subject to the Amended and Restated Operating Agreement dated

November 2014, which specifies the rights and obligations of its members. The agreement providesfor ClassA,Class 10ClassCandclassD units,and governs the allocation of profits, losses anddistributions to the respective ownership interests.

The Company had only one Class B member as of December 31, 2019. The Class 8 member is

entitled to reoeive distributions and allocations corresponding to its cumulative preferred return, asdefined in the agreement. The preferred return is to be paid on the twentieth business day followingthe applicable quarter end.The ClassB member has novoting rights. The ClassB member is subjectto the Securities PurchaseAgreement as amended in June 2010. The agreement entitles the ClassBmember to receive a return, or revenue participation amount, based upon quarterly revenuesgenerated by the Company as defined in the agreement.As of December 31,2019, the preferred

12

ELEVATION,LLC

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31,2019

return and revenue participation amount due to the ClassBmember was $37,675. The preferredreturn for the year ended December 31, 2019 is $162,580.

The Company had eleven Class C members as of December 31, 2019. Class C units are "profitinterests" that appreciate (or depreciate) in value from the date of issuance until the date on which

the companyexperiences a liquidity event,and suchClassCunits are subject to the terms of suchevent. For example, if the company is valued at $10 million on the date of the issuance of a ClassC

unit and the company is worth $15 million on the date of a liquidity event, the classC unit wouldparticipate in the $5 million of increased value.ClassC units may receive distributions, as do ClassAand ClassB units, subject to the discretion of the Manager. Class C members have no voting rights.

The Company had four ClassD inembers as of December 31,2019. Proceedsfrom the sale of Class Dpreferred units are invested by the Company in separately managed investment accounts held atanother broker dealer. The ClassD units appreciate (or depreciate) in value based on the returns

earned by the Company in the separately managed accounts. Class D members have the option ofredeeming any and all of their ClassD units after a holding period of one year from the date of

purchase upon ten days written notice to the Company, and are required to redeem all outstandingClassD units in the event of achange of controi or exit event as defined in the Amended and

Restated Operating Agreement. The value of the units upon redemption is determined by the valueof the corresponding separately managed accounts owned by the Company.ClassD units mayreceive distributions subject to the discretion of the Manager.Class D members have no votingrights.

Note 11- Contingent Liabilities

The Company is liable to the clearing broker if a loss is incurred for failure to pay on behalf of anyintroduced account.

The Company is involved in various claims or actions arising in the normal course of business. It is

management's opinion that the resolution of these matters wiu not materially affect the Company'sfinancialpositionor the resultsof itsoperations,

Note 12 - Reserve Requirements

The Company does not hold, carry or maintain cash or securities for the benefit of its' customers, orperform custodial functions, and is exempted under paragraph (k)(2)(ii) of Rule 15c3-3 from reserverequirements of that rule.

Note 13- Net Capital Requirements

The Company issubject to the Securities and ExchangeCommission Uniform Net Capital Rule (Rule15c3-1), which requiresthe maintenance of minimum net capital and requires that the ratio ofaggregate indebtedness to net capital, both asdefined,shall not exceed15 to 1. At December31,

13

ELEVATION,LLC

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31,2019

2019, the Company had unconsolidated net capital of $1,181,138 which was $1,054,176 in excessofits required capital amount of $126,962 (required minimum). At December 31, 2019, the Company'snet capital ratio was 1.61to 1.

Note 14 - FocusReport

Amounts reported on the Company's FoCUSReport as of December 31, 2019 and for the year then

ended, were reconciled to the accompanying consolidated financial statements. No materialdifferences in net capital were noted. The most recent annual report of the Company is available forexamination at the offices of the Company and the Atlanta regional office of the Securities andExchangeCommission,

14

ELEVATION, LLC

SCHEDULE1

COMPUTATIONOF NETCAPITALUNDERRULE1503-1 OFTHE

SECURITIESANDEXCHANGECOMMISSION (UNCONSOUDATED)As of December 31, 2019

Net Capital

Total members' equity (deficit) qualified for net capital $ (102,631)Add allowable credit:

Subordinated debt 2,000,000

Deductions for non-allowable assets:

Receivablesfrom brokers or dealers (39,601)

Investments in and advances to affiliates (114,612)

Other assets (286,674)

Net property and equipment (110,816)

Net capital before haircuts on securities positions 1,345,666Haircutson securities (164,528)

Net capital at December 31, 2019 $ 1,181,138

Aggregate indebtedness

Uabilities, unconsolidated $ 1,904,435

Computation of Basic Net Capital Requirement

Minimum net capital required at 6.667% $ 126,962

Minimum net capital required, per regulation $ 100,000

Excess net capital $ 1,054,176Net capital less10% of aggregate indebtedness $ 990,694

Percent of aggregate indebtedness to net capital 161$4%

Reconciliation With Company's Computation

(includedin Part 11of Form £17A-5 arof December 31,2019)Net capital, as reported in Company's Part li (unaudited) FOCUSreport $ 1,181,138

Subsidiary equity adjustment

Net capital per above $ 1,181,138

There are no material differences between the above computation and the Company's

corresponding unaudited FOCUS Report

See Report of independent Registered PublicAccounting Firm

15

GreerWalkerREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of Elevation, LLC:

We have reviewed management's statements, included in the accompanying Exemption Report, in which (1)Elevation, LLC identified the following provisions of 17 C.F.R §15c3-3(k) under which Elevation, LLC claimed anexemption from 17 C.F.R.§240,15c3-3(k)(2)(ii) (the "exernption provisions") and (2) Elevation, LLC stated thatElevation, LLC met the identified exemption provisions throughout the most recentfiscal year without exception.Elevation, LLC's management is responsible for compliance with the exemption provisions and its statements.

Our review was conducted in accordance with the standards of the Public CornpanyAccounting Oversight Board(United States) and, accordingly, included inquiries and other required procedures to obtain evidence about

Elevation; LLC's compliance with the exemption provisions. A review is substantially less in scope than anexamination, the objective of which is the expression of an opinion on management's statements. Accordingly, wedo notepress suòh arioninion.

Based on our review, we are not aware of any material modifications that should be made to management'sstetements referred to aopve for thgm to be fairly stated, in all material respects, based on the provisions set forthin paragraph(k)(2)(ii) of ele 1503-3 imder the Securities ExchangeAct of 1934.

Certified Public AccountantsFebruary26, 2020Charlotte, NC

GreerWalker LLP | GreerWalker Wealth Management LLC I GreerWalker Corporate Finance LLCCharlotte Office The Carillon|227 West Trade St.,Suite 1100| Charlotte, NC 28202|USA |Tel 704.377.0239

Greenville Office Wells FargoCenter | 15 South Man St.,Suite 800 |GreenviHe, SC 29601 |USA ITel 86L752.0080

ELEVATION,LLC

EXEMPTION REPORT

Year Ended December 31,2019

Exemption Report as described in SEA Rule 17R-5(d)(1)(i)(B)(2)

Elevation LLC (the "Company") is a registered broker-dealer subject to Rule 173-5 promulgated by

the Securities and ExchangeCommission (17 C.F.R.§240.1734, "Reports to be made by certainbrokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R.§240.17a-5(d)(1) and (4).To the best of its knowledge and belief, the Company states the following:

1, The Companydaimed an exemption from17 C.F.R.§240.15c3-3 under the followingprovisions of 17 C.F.R,§240.1503-3 (k): 2[ii] All customer transactions are deared throughanother broker-dealer on a fully disclosed basis.

2. The Company rnet the identified exemption provisions in 17 CJ.R. §240,15c3-3(k)

throughout the most recent fiscal year without exception.

Elevation LLC

I, CharlesC.Lucastil, swear (or affirm) that, to my best knowledge and belief, this Exemption Reportistrue and correct.

By:

Title: General Counsel and Chief Compliance Officer

February 26, 2020

17

GreerWalker

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCO()NTING FIRM ONAPPLYlNG AGREED-UPONPROCEDURES

To the Members of Elevation. LLC:

We have pedormed the procedures included in Rule 17a-6(e)(4) under the Securities Exchange Act of 1934 andin the Securities Investor Protection Corporation ("SIPC') Series 600 Rules, which are enumerated below andwere agreed to by Elevation, LLC and the SIPC. solely to assist you and StPC in evaluating Elevation, LLC'scompliance with the applicable instructions of the General Assessment Reconcíliation ("Form SIPC-7") for theyear ended December 31, 2019. Elevation, LLC's management is responsible for its Form SIPC-7 and for itscompliance with those requirements. This agreed-upon procedures engagement was conducted in accordancewith standards established by the Public Company Accounting Oversight Board (United States) and inaccordance with attestation standards established by the American institute of Certified Public Accountants. Thesufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently,we niakeno represeritatioreregardingthe sufficiency of the proceduresdescribed below either for the purpose forwhich this report has been requested or for any other purpose. The procedures we performed and our findingsare as follows:

1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursementrecords entries, noting no differences;

2. Compared the Total Revenue amounts reported onthe Annual Audited Report Form X-17A-5 Part 111for the year ended December 31, 2019 with the Total Revenue arnount reported in Form SIPC-7 forthe year ended Decembèr31, 2019, noting no differences;

3; Compared any adjustments reported in Form SIPC-7 with supportingschedules and working papers,notinino differences;

4. Recalculated the arithmetical accuracyof the calculations reflected in Form SIPC-7 and in therelated schedules and working papers supporting the adjustments, noting no differences; and

5. Compared the amount of the overpayment applied to the current assessment with the Forrn SIPC-7on which it was originally computed, noting no differences.

We were not engaged to, and did not conduct an examination or review, the objective of which would be theexpression of an opinion or conclusion, respectively, on Elevation, LLC's compliance with the applicableinstructions of the Form SIPC-7 for the yearended December31, 2019.Accordingly, we do not expresssuchanopinion or conclusion. Had we performed additional procedures, other matters might have come to our attentionthat would have been reported to you.

This report is intended solely for the information and use of Elevation LLC and the SIPC and is not intended to beand should not be used by anyone other than these specified parties.

Certified Public AccountantsFebruary26.2020Charlotte, NC

GreerWatker LLP | GreerWalker Wealth Management LLC | GreerWalker Corporate Finance LLCCharlotte Office The Carillon|227 West Trade St,. Suite 11001Charlotte, NC 2R202| USA | Tel 704.377.0239

GreenvlHe Office Wells Fargo Center |15 South Main St.,Suite 800 |Greenville, SC 29601 i USA | Tel864.752.0080

accoutchng & Tax i Wadh Mangenent1 Corpmete i see i greerwalker.com

ELEVATION, LLC

STATEMENT OFSIPCASSESSMENTAND PAYMENTS

For the YearEndedDecember 31, 2019

Assessment as of December 31, 2019 $ 24,820

Less:prior payments applied (12,732)

Balancedue, February 29, 2020 $ 12,088

See Report of Independent Registered Public Accounting Firm

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